New York, May 01, 2023 (GLOBE NEWSWIRE) -- The global smart healthcare market will experience significant growth in the coming years, with its market size expected to exceed USD 541 billion by 2032. This projection reflects a remarkable increase from its current value of USD 184 billion in 2022. Additionally, the industry is anticipated to maintain a compound annual growth rate (CAGR) of 15.7% between 2023 and 2032.
Due to COVID-19's arrival, smart healthcare products saw an unexpected spike in demand. Adoption of these technologies has increased during this pandemic situation and is projected to grow even more post-COVID-19. Many businesses are expanding their products and services; for instance, Vera Smart Health invested around USD 20 billion into home testing/diagnosis, remote health services, medication delivery services, virtual care services, and nutrition consultation services - creating substantial demand for these smart healthcare items due to the emergency created by COVID-19.
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Key Takeaway:
- By product, in 2022, the m-Health segment dominated the market with a 34% market share.
- By application, storage and inventory management segment dominated the market with 29% market share.
- By end-user, the hospital segment dominates the market with 38% market share.
- In 2022, North America dominated the market with the highest revenue share of 36%.
- APAC is expected to grow at a greater pace owing to affordable prices, increasing medical tourism, as well as hospitals and clinics, among other factors.
Factors affecting the growth of the smart healthcare industry
- Technological Advancements: The advancements in technologies such as artificial intelligence (AI), the Internet of Things (IoT), and big data analytics have revolutionized healthcare. These tools allow for the creation of smart healthcare solutions that can improve patient outcomes, reduce costs, and elevate the overall quality of care.
- Rise in Demand for Personalized Healthcare: Patients are increasingly seeking personalized healthcare solutions tailored to their individual needs. Smart health solutions, such as wearable devices, mobile health apps, and remote monitoring tools can offer patients customized care and help them manage their health more effectively.
- Aging Population: An aging population is driving demand for healthcare services and necessitating more efficient and cost-effective solutions. Smart healthcare technologies can address issues associated with an aging population, such as chronic disease management and long-term care requirements.
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Market Growth
Factors such as the rising prevalence of chronic diseases, demand for telemedicine and remote patient monitoring solutions, and increased adoption of advanced technologies like AI and IoT in healthcare are all driving the growth of this market. The COVID-19 pandemic has hastened the adoption of smart healthcare solutions, as healthcare providers strive to minimize in-person interactions and prioritize remote care. As a result, demand for telemedicine, remote patient monitoring, and digital health solutions has skyrocketed - expected to fuel growth in this space over the coming years.
Regional Analysis
North America is currently the leading market for smart healthcare due to well-established healthcare infrastructure, supportive government initiatives, and widespread adoption of advanced technologies. However, Asia-Pacific is expected to experience the highest growth rate during this forecast period due to expanding demand for healthcare services, increased government investments in technology-related initiatives, and an expansive patient pool. Overall, the smart healthcare market is expected to experience rapid growth over the coming years due to technological advancements, shifting patient expectations, and a need for more efficient and cost-effective healthcare solutions.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 184 billion |
| Market Size (2032) | USD 541 billion |
| CAGR (from 2023 to 2032) | 15.7% |
| North America Revenue Share | 36.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
- Technology Advancements: Thanks to advancements such as the IoT, AI, and big data analytics, healthcare providers can now collect and analyze vast amounts of patient data. This has allowed for the creation of smart healthcare solutions that are more efficient, accurate, and effective.
- Increased Demand for Personalized Healthcare: Patients are increasingly seeking personalized healthcare solutions tailored to their individual needs. Smart technologies such as wearable devices, mobile health apps, and remote patient monitoring systems give healthcare providers the tools needed to deliver tailored care and improve patient outcomes.
- Healthcare Cost Increases: Healthcare costs are on the rise, prompting governments and providers to search for ways to cut expenses while improving patient outcomes. Smart healthcare solutions such as telemedicine and remote patient monitoring can reduce the need for in-person consultations or hospitalization, leading to cost savings both for patients and healthcare providers alike.
- Aging Population: As the population ages, so too do their healthcare needs. Smart solutions like remote patient monitoring, medication reminders, and fall detection systems can help healthcare providers better meet these demands.
Market Restraints
- High implementation costs: Smart healthcare technologies such as AI, IoT, and big data analytics require substantial investments in hardware, software, and infrastructure to become viable. Their high costs may prevent their widespread adoption - particularly in developing countries with limited resources.
- Data Privacy and Security Concerns: Smart healthcare technologies involve the collection, storage, and sharing of sensitive patient data which raises concerns about data privacy and security. Healthcare providers must guarantee that patient records remain protected from cyber threats and unauthorized access - something which can be a daunting challenge.
- Limiting Healthcare IT Infrastructure: Many healthcare providers, particularly in developing countries, lack adequate IT infrastructure and resources to adopt smart healthcare technologies. This lack of capacity could impede the adoption of these solutions in remote or rural areas.
Market Opportunities
- Remote Patient Monitoring: Smart healthcare solutions enable healthcare providers to keep an eye on patients outside traditional clinical settings, potentially improving outcomes and cutting costs in the process.
- Predictive Analytics: Modern healthcare solutions use data analytics to anticipate and prevent health issues before they happen, allowing healthcare providers to offer proactive care rather than reactive treatment. This allows them to achieve optimal patient outcomes.
- Telemedicine: Telemedicine, which involves providing healthcare services remotely, presents significant potential for the smart healthcare market. Telemedicine can increase access to quality care for those living in remote or rural areas.
- Wearable Devices: Wearable devices such as smartwatches and fitness trackers can collect patient data to provide real-time monitoring to empower patients to better manage their healthcare, and healthcare providers to offer personalized care. However, some healthcare professionals and patients may be resistant to change or prefer traditional methods of healthcare which could impede the adoption of new technologies.
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Report Segmentation of the Smart Healthcare Market
Product Type Insight
Analysis of product types reveals that the m-Health segment leads the market with a 34% share. The growth in this market can be attributed to rising internet usage, smartphones, and the adoption of mHealth apps. Wearable devices like Apple's Fitbit and MI are having an increasingly positive effect on it as well. In April 2020 Proxxi, a Canadian firm, released Halo - their first wearable device. RFID adoption is being driven by several trends, including supply chain management, automation, real-time intelligence, and asset tracking. RFID helps hospitals quickly and more efficiently detect issues in their workflow, while Real-Time Location Systems (RTLS) utilize RFID for tracking newborn babies as well. As a result, the market size for this segment is expected to expand over the forecast period. Telemedicine was the second fastest growing segment in the market for smart healthcare, as COVID-19 spreads worldwide.
Application Insight
The application analysis, storage, and inventory management segment leads the market with a share of 29%. Smart healthcare technologies can be employed for efficient management of medical supplies and inventory, including medication and equipment. For instance, RFID (Radio Frequency Identification) technology is one such example that hospitals can utilize to track and manage their medical supplies and equipment.
Smart healthcare technologies can be employed for monitoring patients' health and well-being. This includes wearable devices, smart sensors, and remote monitoring systems that track vital signs, medication adherence, and other health-related data. Smart healthcare technologies can be employed to improve treatment outcomes, such as personalized medicine, drug delivery, and surgery. For instance, robotic surgery and telesurgery technologies are being developed to improve surgical outcomes while reducing complications. Smart healthcare technologies can also be applied for other purposes, such as health analytics, data management, and patient engagement. These tools assist healthcare providers in better comprehending patient needs, improving care quality, and improving the patient experience.
End User Insight
According to End-User analysis, the hospital segment dominates the market with a 38% share. Hospitals and clinics are the primary users of smart healthcare technologies such as electronic health records, remote patient monitoring, and telemedicine. These tools enable healthcare providers to provide better care while increasing operational efficiency. Patients are becoming more involved in their care through wearable devices, mobile health apps, and other technologies that allow individuals to monitor their condition, track medication adherence, and communicate with healthcare providers. Pharmaceutical and Biotechnology Companies: Pharmaceutical and biotechnology companies can leverage smart healthcare technologies for clinical trials, drug development, and patient engagement initiatives.
Recent Development of the Smart Healthcare Market
- Increased Adoption of AI and Machine Learning: AI and machine learning technologies are becoming more commonly utilized in healthcare to enhance patient outcomes and operational efficiency. For instance, AI-powered diagnostic tools are being created to assist doctors in diagnosing diseases more accurately and quickly.
- Expanding Use of Wearable and IoT Devices: Wearable devices and other IoT technologies are being employed to monitor patient health, collect data that can be used for improving patient outcomes, track medication adherence, and detect potential health issues before they become serious. These tools also have the potential to track medication adherence as well as monitor medication adherence.
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Market Segmentation
Based on Product Type
- Telemedicine
- Electronic Health Records
- m-Health
- Smart Pills and Syringes
- RFID Kanban Systems
- Smart RFID Cabinets
- Others
Based on Application
- Storage and Inventory Management
- Monitoring
- Treatment
- Others
Based on End-User
- Hospitals
- Home Care Settings
- Others
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Smart healthcare is an emerging field that uses technology to improve healthcare delivery, patient outcomes, and operational efficiency. The key players in the smart healthcare market include:
- AirStrip Technologies Inc.
- Allscripts Healthcare Solutions
- Apple Inc.
- AT&T Inc.
- Brooks Automation
- Cerner Corporation
- Cisco Inc.
- GE Healthcare
- Given Imaging, Inc.
- Hurst Green Plastics Ltd.
- IBM Inc.
- Logi-Tag
- McKesson Corporation
- Olympus Corporation
- Pepperl+Fuchs
- Samsung Electronics Corporation
- Siemens Medical Solutions
- Solstice Medical LLC
- Stanley Innerspace
- Bollhoff Group
- Wurth Group
- Other companies
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